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S04 Ep24 Energy Market Update: Brent surges past $100 amid escalating Gulf tensions

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With no sign of the Strait of Hormuz reopening, energy markets are facing an extraordinary supply shock. Around 20% of global oil supply has effectively become unavailable, pushing Brent crude above $100 per barrel for the first time since 2022. While an emergency G7 meeting to discuss a coordinated reserves release, along with the drawdown of commercial inventories, may buy some time, these measures are temporary. If the conflict and the closure of the strait persist, demand will ultimately need to fall to match reduced supply.

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9 Mar English South Africa Business

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